EDA Resolution 2014-023 (2)CITY OF MONTICELLO
ECONOMIC DEVELOPMENT AUTHORITY
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2014-023
RESOLUTION APPROVING PURCHASE AGREEMENT BETWEEN THE
CITY OF MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY AND
MONTICELLO LIQUOR, INC.
BE IT RESOLVED BY the Board of Commissioners ( "Board ") of the City of Monticello
Economic Development Authority, Monticello, Minnesota (the "Authority ") as follows:
Section 1. Recitals.
1.01. The Authority and Monticello Liquor, Inc. (the "Seller ") desire to enter into a
purchase agreement (the "Purchase Agreement ") pursuant to which the Authority will acquire
certain property in the downtown area of the City (the "Property ") from the Seller for economic
redevelopment purposes related to the revitalization of the downtown area. The Property is
described in Exhibit A attached hereto.
1.02. Pursuant to the Purchase Agreement, the Authority will purchase the Property from
the Seller for a purchase price of $275,000 plus related closing costs.
1.03. The Authority finds that acquisition of the Property conforms to the City of
Monticello Redevelopment Priorities and Policies, as approved by the City and Authority, and will
facilitate the economic redevelopment and revitalization of the downtown area of the City.
1.04. The City Council of the City has reviewed the Purchase Agreement and authorized
execution of the Purchase Agreement by the Authority on March 10, 2014.
Section 2. Purchase Agreements Approved.
2.01. The Authority hereby approves the Purchase Agreement in substantially the form
presented to the Authority, subject to modifications that do not alter the substance of the
transaction and that are approved by the President and Executive Director, provided that
execution of the Purchase Agreements by those officials shall be conclusive evidence of their
approval.
2.02. Authority staff and officials are authorized to take all actions necessary to perform
the Authority's obligations under the Purchase Agreement as a whole, including without
limitation execution of any documents to which the Authority is a party referenced in or attached
to the Purchase Agreement, and any deed or other documents necessary to acquire the Property
from the Seller, all as described in the Purchase Agreement.
Approved this 12th day of March, 2014, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
l
Presi cre 1
ATTEST:
Ir
do.V
Exec Director /Secretary
EXHIBIT A
PROPERTY
The Northerly 110.00 feet of Lots 10 and 11, Block 34, and the Northerly 110.00 feet of the
Easterly 9.00 feet of Lot 12, Block 34, Townsite of Monticello, according to the plat on fiel and
of record in the office of the Register of Deeds, in and for the County of Wright, State of
Minnesota, containing 8290 square feet, more or less.
Together with an easement for ingress and egress over, under, and across the Westerly 5.00 feet
of said Lot 11 lying South of the Northerly 110.00 feet and the Easterly 9.00 feet of said Lot 12,
lying South of the Northerly 110.00 feet.
A -1